A paradigm shift is required to protect the global financial system from the significant threats posed by cyberattacks, the rapid development and adoption of new technologies, according to a whitepaper published by DTCC.
DTCC called for the establishment of business resilience as an industry-wide priority.
In the paper, DTCC said a paradigm shift is also required for the increased interconnectedness of the financial ecosystem and growing industry-wide concentration risks.
It explained that rather than solely focusing on individual processes, business resilience efforts should be broadened to include all relevant stakeholders, consider an end-to-end perspective across critical business services, incorporate resilience into the initial design of new products and services, and ensure full business ownership.
The paper also described a set of core principles and supporting guidelines that can further resilience efforts.
It suggested that to move forward, ongoing industry collaboration will be necessary to ensure readiness to mitigate the impact of technical, physical or logical disruptions to critical business services.
Dan Thieke, managing director, business risk and resilience management, said: “With the threat of potential disruptions continuing to grow, firms can no longer afford to focus on disaster recovery, business continuity management and cybersecurity in isolation.”
He added: “Resilience initiatives should look holistically at threats and aim to safeguard critical business services against a wide range of technical, physical, logical or financial disruptions.”
“We are committed to leveraging our experience to lead the discussion on the evolution of industry-wide resilience. This is a key strategic enabler that is consistent with our mission to deliver the world’s most resilient and secure post-trade infrastructure for our clients.”
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